Bermuda-based AXIS Capital Holdings Ltd. announced its initial estimates of net losses related to Hurricane Katrina to be between $500 million and $650 million.
The company also reiterated its earlier guidance that these net losses are estimated to be within its current expectations of consolidated operating income for the 2005 calendar year, assuming no other large loss events during the year. The company’s range of net loss estimates is based upon industry loss predictions of $40 billion to $60 billion and includes wind-related damages, flood-related damages, offshore energy and marine losses and business interruption.
The company’s net loss estimates are derived from a combination of the output of industry models, market share analyses, a review of in-force contracts and preliminary loss information from the company’s clients, brokers and loss adjusters. The company’s actual losses from Hurricane Katrina may ultimately differ materially from its estimated losses.
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